Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1298%/8h= +142.1% APRpaid last 24h +0.399%

Price spread now: Phoenix against Phemex+0.215%73s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+2.016%+$202 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$39 a day on $10k at the current rate, and Phoenix is 0.215% dearer against Phemex than usual: you sell high and buy low: +$22 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.6079	0.0100	pay 0.0050% / 4h	55m 40s	$1.7M	$3.3M	20x
Short	Phoenix PONS	0.6092	0.1398	get 0.0175% / 1h	55m 40s	$31K	$102K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee PhoenixbpOrdersPrice spread, now +0.215%Rate

Funding earned: $272.61
Price spread: +0.215% → 0.000%: $21.55
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $275.16
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Phemex: live order book, 3 min ago; Phoenix: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 3 min ago	4.10 bp	42.2 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PONS on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−1.801%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0036%	1h	0.6079	−0.001%	$229K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6090	+0.181%	$21K	$450K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6089	+0.168%	$86K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6082	+0.049%	$18.3M	$31.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6083	+0.066%	$13.8M	$57.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6087	+0.132%	$1.8M	$3.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6093	+0.233%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6095	+0.257%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6092	+0.217%	$3K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6094	+0.242%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6089	+0.158%	$28K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6092	+0.220%	$65K	$508K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.6079	long leg	$1.7M	$3.3M	20x
Bitget PONSUSDT	+0.0110%	4h	0.6088	+0.141%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0144%	1h	0.6089	+0.169%	$379	—	3x	as long as short
Lighter RH PONS	+0.0152%	1h	0.6089	+0.156%	$429K	$2.6M	3x	as long as short
Aster PONSUSDT	+0.0174%	4h	0.6084	+0.084%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0216%	1h	0.6089	+0.163%	$1.7M	$921K	3x	as long as short
Extended PONS-USD	+0.0248%	1h	0.6086	+0.117%	$251K	$680K	5x	as long as short
MEXC PONS_USDT	+0.0250%	4h	0.6088	+0.148%	$8.1M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0250%	4h	0.6087	+0.132%	$39.6M	$98.7M	20x	as long as short
BingX PONS-USDT	+0.0252%	4h	0.6083	+0.066%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0258%	4h	0.6096	+0.279%	$21K	$292K	10x	as long as short
BloFin PONS-USDT	+0.0489%	4h	0.6098	+0.313%	$1.7M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0704%	1h	0.6091	+0.194%	$40K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6086	+0.108%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.0900%	1h	0.6090	+0.176%	$61.8M	$30.6M	3x	as long as short
Phoenix PONSshort	+0.1398%	1h	0.6092	+0.215%	$31K	$102K	3x
Gate PONS_USDT	+0.1796%	4h	0.6085	+0.099%	$5.3M	$6.2M	20x	as long as short